| Everyone in Norway became a theoretical millionaire on Wednesday in a milestone event for one of the world’s biggest sovereign wealth funds that has ballooned thanks to high oil and gas prices.
A preliminary counter on the website of the central bank, which manages the fund, rose to 5.11 trillion crowns ($828.66 billion), fractionally more than a million times Norway’s most recent official population estimate of 5,096,300. Norway’s $710 billion wealth fund earned 13.4 percent last year. Set up in 1990, the fund owns around 1 percent of the world’s stocks, as well as bonds and real estate from London to Boston, making the Nordic nation an exception when others are struggling under a mountain of debts....................................Full Article: Source |